Patience, sympathy and expertise in times of need.
When you create an estate plan, the TBT Wealth Management team will work hard to analyze your assets and understand your goals. When we carry out the plan, we will follow your wishes and make sure your loved ones and the causes close to your heart get the funds and financial services you have thoughtfully provided for them.
- A team of qualified trusted advisors whose sole objective is to provide prompt, efficient, and economical estate administration
- Unquestioned integrity and freedom from personal bias
- Experience in managing all types of assets and property
- Financial responsibility and sound asset management
- Informed investment judgement
- Familiarity with special tax questions
- Experience with the filing of court documents and court procedures
- Liquidation and/or distribution of estate assets
What is an estate plan?
For most people, it includes a properly drafted Will and several related legal documents. Sometimes trusts are included in the plan for asset management or estate planning purposes.
When developing your estate plan, the professionals in the Wealth Management Division of Texas Bank and Trust Company can work closely with you, your attorney, and other professionals to analyze your assets, identify income or estate tax considerations, and create a tailored solution that will preserve your estate for your beneficiaries. If your beneficiaries are your loved ones, or if you have charitable inclinations, there are specific steps to be taken to insure your assets are distributed as you wish.
As the named executor, or acting as an agent for an individual who has been appointed to serve as executor of an estate, a bank trust department is able to provide experienced, specialized professionals who are responsible for all phases of estate administration. When Texas Bank and Trust Company is selected as the executor of your estate, we fulfill the directions outlined in your Will. It becomes our responsibility to administer your assets for the management, protection, and distribution of your estate in a timely and efficient manner. Personal, responsive, and professional service is our commitment to the clients of Texas Bank and Trust Company.
We welcome the opportunity to provide a free, confidential review of your current estate plan or to work with you to create a plan that fits your needs.
Choosing an individual as an executor:
How did you choose the executor named in your will? If you are like many people, you may have drafted your will many years ago, perhaps, when your estate was small. The spouse, relative or friend whom you named may have seemed a logical choice at the time. But, at the time, you may have realized that:
- An individual executor may be inexperienced in settling an estate. Although it may be possible for your executor to learn while he or she is “on the job,” it is impossible to calculate the cost of unnecessary delay and lack of expertise in such responsibilities as asset appraisals, post death tax planning, and investment of estate and trust assets.
- An individual executor may not consider your estate his or her first priority. Events in the business or personal life of your executor cannot be accepted as a valid excuse for the failure of your executor to carry out his or her duties and responsibilities to your estate and heirs. Of course, an executor may resign and be removed - in which case, a successor executor can be named. This is another example where there will be a need for court proceedings and delay as well as more expenses for your estate.
- An individual executor may be absent. No individual can guarantee constant and immediate availability. Circumstances beyond an individual executor’s control may require him or her to be away at the very time that administration of your estate demands immediate attention. An executor’s duties and responsibilities require close attention.
- Any individual executor whom you name may die before or during estate settlement. Unless you designate an alternate who can and will act, an executor must be appointed by a court. The individual ultimately chosen may be someone of whom you would have approved. But, possibly, the court may appoint a total stranger – or worse, someone whom you never would have chosen. What’s more, this appointed executor will have to be bonded at the expense of your estate. Or your named executor might die before completing his or her duties. Regardless of how far estate settlement has progressed, an accounting likely would have to be filed with the court, and, again, all costs charged to your estate.
- An individual executor may become physically or mentally incapacitated. In this instance the process of settling your estate may grind to a complete halt, waiting upon a determination of whether your executor will recover. Court proceedings may be required to remove the incompetent executor and name a successor.
When we serve as an executor:
Over the years your estate has grown substantially, and your executor has grown older – two good reason to reevaluate your earlier choice of executor. There are many reasons to choose us to serve as your executor or co-executor:
- Constant availability and continuity. No individual or group of individuals can ensure the continuous availability required to carry out the directions in your will. Only through the designation of a professional, corporate executor can you be certain of the degree of permanence that estate settlement requires. With our continued corporate existence, we can serve from year to year.
- Specialized experience and sound judgment. Settling an estate often requires knowledge not easily attainable by someone not constantly engaged in the process of estate settlement. No one individual can be a specialist in all the areas that make up the duties and responsibilities of an executor. We, however, have trained specialists able to provide all of the services needed to settle an estate.
Impartiality. A professional executor will treat all your heirs in the same fair and impartial manner. We cannot be influenced or pressured by anyone, based upon personal or business relationships. What's more, we are unlikely to be approached and asked for special consideration.
- Cost. What your executor does, and how he or she does it, can make a difference in what your heirs ultimately receive. Inexperience can lead to mistakes. Mistakes can be costly for your heirs. In addition, when you choose our institution to serve as executor, you are likely to pay no more than you would for the services of an inexperienced executor.